Financial position and cash flow

BALANCE SHEET 31.12.2010 31.12.09
Restated
Increase/(Decrease) Increase/(Decrease)
(amounts in thousands of euros) (a) (b) (a) - (b) %
NET WORKING CAPITAL 73.0 129.3 (56.3) (43.5%)
Current receivables 1,324.5 1,191.6 132.9 11.1%
- due from end users/customers 1,170.9 1,055.4 115.6 10.9%
- due from the Municipality of Rome 113.6 92.0 21.6 23.5%
Inventories 86.0 66.4 19.6 29.5%
Other current assets 166.2 230.2 (64.1) (27.8%)
Current payables (1,103.1) (1,028.7) (74.5) 7.2%
-trade (986.5) (862.5) (124.0) 14.4%
- due to the Municipality of Rome (96.2) (139.6) 43.4 (31.1%)
Other current liabilities (400.6) (330.4) (70.2) 21.2%
NON-CURRENT ASSETS AND LIABILITIES 3,512.1 3,287.0 225.0 6.8%
Tangible and intangible assets 3,821.2 3,642.0 179.3 4.9%
Investments 35.8 34.4 1.4 4.1%
Other non-current assets 299.9 272.0 27.9 10.3%
Staff termination benefits and other defined-benefit plans (110.8) (123.3) 12.5 (10.2%)
Provisions for liabilities and charges (200.8) (242.9) 42.1 (17.3%)
Other non-current liabilities (333.3) (295.2) (38.1) 12.9%
INVESTED CAPITAL 3,585.0 3,416.3 168.8 4.9%
NET DEBT (2,203.7) (2,129.6) (74.2) 3.5%
Medium/long-term loans and receivables 15.2 17.2 (2.0) (11.6%)
Medium/long-term borrowings (2,490.7) (1,853.7) (637.0) 34.4%
Short-term loans and receivables 334.2 393.2 (59.0) (15.0%)
Cash and cash equivalents 296.5 102.3 194.3 190.0%
Short-term borrowings (359.0) (788.6) 429.6 (54.5%)
Total shareholders’ equity (1,381.3) (1,286.7) (94.6) 7.4%
COVERAGE (3,585.0) (3,416.3) (168.8) 4.9%

The ACEA Group’s balance sheet reports an increase in invested capital of 168.8 million euros compared to 31.12.10 (4.9%). This is the result of the increase in net fixed assets (225 million euros), partially offset by a reduction in the net working capital (56.3 million euros).

The balance of non-current assets and liabilities showed an increase of 225 million euros (up 6.8%) compared with the previous year. In particular:

  • tangible and intangible fixed assets amounted to 3,821.2 million euros, up by 179.3 million euros due to investments in the period (473.2 million euros) net of amortisation, depreciation and write-downs (237.6 million euros). The definition of the acquisition of Nuove Acque for 2.6 million euros also contributed to the increase. Investments in the year fell by 44.9 million euros as a result of the lower costs incurred in the photovoltaic sector, electricity distribution, waste-to-energy, waste management and extraordinary maintenance works on buildings leased by the Parent Company.
    By contrast, investments in the water segment recorded an increase (+ 25.4 million euros) even though companies experiencing tariff-related problems inevitably reduced their investments compared to 2009 (- 10.7 million euros). Investments made by Tirreno Power include purchases of Co2 quotas and green certificates totalling 11.3 million euros.